$674M Solana bought in 3 weeks – Will SOL finally turn bullish?

• Staking activity over the past month has grown by nearly $100 million within just three months.
• Despite the market slowdown, nearly $1 billion worth of SOL has been accumulated by spot traders.

The past week has been difficult for Solana [SOL] holders as the asset dropped 10.95%, with sellers overshadowing buyers.

However, recent activities suggest SOL could be on the brink of turning bullish. Its 24-hour gain was 0.01% at press time, even though on-chain metrics indicated that bullish momentum was building.

Staked SOL surges over three months

Nansen reports that the amount of SOL staked has surged from $7.7 million to $62.3 million over the past three months.

Staking involves traders depositing assets with validators to help secure the network, earning an APY in return.

When significant staking surges occur, especially with yields remaining at a low of 11.71%, as seen in the case of SOL.

It typically indicates a bullish market sentiment, as traders use staking as a long-term holding strategy that allows them to earn while holding.

With staked SOL nearing $100 million, buying activity also rose as traders accumulated more SOL.

Buying and trading activity surges

According to Coinglass, there’s been a surge in the amount of SOL purchased in the past three weeks.

During this period, a total of $674.75 million worth of SOL was potentially bought from the market and transferred into private wallets for long-term holding.

Moves like this signal market optimism as traders take advantage of the price dump to purchase SOL at lower prices.

Similarly, the number of daily active addresses in the past three days has increased, growing from 4.4 million to 5.8 million, per Artemis data.

When a surge in buying action is followed by a gradual increase in gains, it suggests that buyers have outpaced sellers, with the possibility of a further rally.

Liquidity gradually climbing

The Total Value Locked (TVL), which is used to determine the amount of SOL moved into various Solana protocols, has seen a gradual increase in recent days.

A surge in TVL positively impacts price, while a decline negatively affects it.

Read Solana’s [SOL] Price Prediction 2025–2026

DeFiLlama reported a growth from $9.705 billion on the 3rd of February to the press time level of $10.22 billion, meaning SOL may likely follow suit soon.

Overall, market sentiment points to a bullish possibility for SOL, and the asset could see a major price rally in upcoming trading sessions.